CAC40: very limited downturn despite highest rates since July

(CercleFinance.com) - The CAC40 begins the week and the new November trading term slightly down, by around 0.
5% to 7575Pts, in skeletal volumes, with 0.93BnE traded.
The euro-Stoxx50 shows the same gap, to 4.960Pts, while the DAX40 fell by -0.6 to -0.7%.

The start of the session was unsurprising on Wall Street, with declines in line with futures: -0.1 to -0.15% for the 3 main US indices in early trading.
We don't have the impression that this will be the most exciting week ahead", warns Deutsche Bank, while acknowledging that "the results season is now in full swing" and that "the US elections look extremely tight".

Apart from the Conference Board's leading indicators on Monday, no major statistics are expected until the second half of the week, with preliminary PMI indices, or business climate indices in France and Germany.

The next few days should be dominated by corporate releases, such as those from SAP, L'Oréal, Deutsche Bank, Renault, Unilever and Sanofi in Europe, or AT&T, Boeing, Coca-Cola and Tesla in the USA.
Thursday's session will be particularly busy with quarterly news: it will be the busiest day in October.

The heaviness of equities can be explained by the continuing tension in interest rates, with new record yields since the end of July, notably US T-Bonds with +6.5Pts to 4.141%, +6.8Pts on the '30-year' to 4.4500%: we're heading for the worst closing level since July 26.
No better in Europe, with the yield on our OATs jumping +9.5pts to 2.992%, Bunds +8.7pts to 2.272%, Italian BTPs +12.4pts to 3.482%, and Spanish 'Bonos' +10.7pts to 2.977%.
Despite this strong rate pressure, which is usually detrimental to precious metals, gold soared +1.5% to a new record of $2,740, while the ounce of silver soared +10% in 48 hours to $34.35.
The dollar recovered a few fractions (+0.15%) against the euro, to 1.0850.

In Paris, Sanofi announces that it has entered into exclusive negotiations for the potential sale of a controlling 50% stake in Opella to CD&R, with Bpifrance set to become a minority shareholder.

Forvia reports third-quarter 2024 sales of €6.36 billion, down 2.6% on a reported basis and 0.4% on an organic basis, outperforming global automotive production by 420 basis points.

The automotive supplier confirms its guidance for 2024 of sales of between 26.8 and 27.2 billion euros, an operating margin of between 5 and 5.3% of sales, and net cash flow greater than or equal to 550 million euros.

Eutelsat Group reports the successful launch and deployment of 20 satellites in low-Earth orbit, adding to the OneWeb satellite constellation. The satellites were launched aboard SpaceX's Falcon 9 rocket.

On the basis of its September 30 results and forecasts, real estate group Icade expects full-year CFNC per share to be at the high end of its guidance range, between €2.75 and €2.90 for core activities and between €3.55 and €3.70 overall.

Private hospital group Ramsay Santé reports a net loss attributable to equity holders of the parent of 53.9 million euros for its 2023-24 financial year, due to lower operating income and higher cost of debt.

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